Maersk Oil working with JX Nippon, BP on North Sea project

HELSINKI _ Maersk Oil says it has permission from British authorities to develop a gas field off the British coast in the largest find in the North Sea in a decade.
The Danish company said Monday the Culzean field, discovered in 2008, has an estimated 250 to 300 million barrels of oil equivalent, or enough to produce about 5 per cent of Britain’s total gas demand at peak production in 2020-2021.
Jakob Thomasen, CEO of Maersk Oil said “Culzean is the latest in a series of large investments by Maersk Oil in the North Sea where we are active in Denmark, Norway and the UK – reflecting our commitment to the future of the North Sea region.”
Production is expected to start in 2019 and continue for at least 13 years.
”Maersk Oil and partners’ £3 billion investment to develop the Culzean discovery is excellent news for the UK during a period when the decline in global oil prices has created difficult operating conditions for this critical sector of our economy” said Andy Samuel, Chief Executive of the Oil & Gas Authority.
Maersk Oil, JX Nippon and BP (Britoil) are investing $4.5 billion in the development.
The Chancellor of the Exchequer, Rt Hon George Osborne MP said, “Today’s announcement sends a clear signal that the North Sea is open for business. Already the UK’s oil and gas industry supports hundreds of thousands of jobs across the country and this £3 billion investment comes on the back of massive government support for the sector. “
With files from The Canadian Press